Market Wrap: Housing, Auto Sustain Growth; Apple Lower on Expectations; BofA Fails to Impress
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Market wrap-up for April 17th
End of the Day: S&P 500 down 22.6 to 1,552.01; Dow Jones down 138.2 to 14,618.59; Nasdaq down 60.0 to 3,204.67
The following is a brief summary of events moving markets today:
* The Fed released in Beige Book today for data collected up and to April 5, 2013. In part, the Fed said the economic expansion remained "moderate," being bolstered by growth in housing and the auto sector. "Employment conditions remained unchanged or improved somewhat, and reports of hiring were most prevalent in the manufacturing, residential construction, information technology, and professional services sectors," said the report.
* Bank of America (NYSE: BAC) issued mixed Q1 results, with EPS of 20 cents and revs of $23.7 billion comparing to consensus estimates calling for EPS of 22 cents and revs of $23.5 billion. Shares slumped over 4 percent on the session.
* Roper Industries, Inc. (NYSE: ROP) entered into a definitive agreement to acquire Managed Health Care Associates, Inc. (MHA) in a cash transaction valued at $1.0 billion.
* Apple, Inc. (Nasdaq: AAPL) touched the lowest levels seen in some 15 months today as analysts became increasingly reserved on expectations for its fiscal Q2 performance. Goldman, for instance, said momentum was likely to slow ahead of new product launches, while the firm also doesn't expected a dividend announcement to come with Q2 results next week.
* The IPO for Fairway Market (Nasdaq: FWM) opened for trading at $18 per share Wednesday, after pricing 13,650,000 shares at $13. Shares closed up over 30 percent, easing some initial gains on the commencement of trading. For more color, click here.
* eBay, Inc. (Nasdaq: EBAY) reported Q1 EPS of $0.63, $0.01 better than the analyst estimate of $0.62. Revenue for the quarter came in at $3.75 billion versus the consensus estimate of $3.77 billion. Sees Q2 revs of $3.8 - $3.9 billion and adjusted EPS of $0.61 - $0.63, versus consensus views calling for revs of $3.95 billion and EPS of $0.66. For more color, click here.
* American Express Co. (NYSE: AXP) reported Q1 EPS of $1.15, $0.03 better than the analyst estimate of $1.12 and up 7 percent from last year's $1.07. Revenue for the quarter rose 4 percent to $7.98 billion versus the consensus estimate of $8.05 billion. Click here for more on the results.
* Hedge fund giant Dan Loeb is cancelling plans to speak at the Spring conference of the Council of Institutional Investors (CII) on Thursday. Loeb, of Third Point, opted not to attend the event due to alleged positions on teacher pension funds. In a letter to CII, Loeb said, in part, "I have never taken a position against DB Plans nor has any philanthropic organization I lead."
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End of the Day: S&P 500 down 22.6 to 1,552.01; Dow Jones down 138.2 to 14,618.59; Nasdaq down 60.0 to 3,204.67
The following is a brief summary of events moving markets today:
* The Fed released in Beige Book today for data collected up and to April 5, 2013. In part, the Fed said the economic expansion remained "moderate," being bolstered by growth in housing and the auto sector. "Employment conditions remained unchanged or improved somewhat, and reports of hiring were most prevalent in the manufacturing, residential construction, information technology, and professional services sectors," said the report.
* Bank of America (NYSE: BAC) issued mixed Q1 results, with EPS of 20 cents and revs of $23.7 billion comparing to consensus estimates calling for EPS of 22 cents and revs of $23.5 billion. Shares slumped over 4 percent on the session.
* Roper Industries, Inc. (NYSE: ROP) entered into a definitive agreement to acquire Managed Health Care Associates, Inc. (MHA) in a cash transaction valued at $1.0 billion.
* Apple, Inc. (Nasdaq: AAPL) touched the lowest levels seen in some 15 months today as analysts became increasingly reserved on expectations for its fiscal Q2 performance. Goldman, for instance, said momentum was likely to slow ahead of new product launches, while the firm also doesn't expected a dividend announcement to come with Q2 results next week.
* The IPO for Fairway Market (Nasdaq: FWM) opened for trading at $18 per share Wednesday, after pricing 13,650,000 shares at $13. Shares closed up over 30 percent, easing some initial gains on the commencement of trading. For more color, click here.
* eBay, Inc. (Nasdaq: EBAY) reported Q1 EPS of $0.63, $0.01 better than the analyst estimate of $0.62. Revenue for the quarter came in at $3.75 billion versus the consensus estimate of $3.77 billion. Sees Q2 revs of $3.8 - $3.9 billion and adjusted EPS of $0.61 - $0.63, versus consensus views calling for revs of $3.95 billion and EPS of $0.66. For more color, click here.
* American Express Co. (NYSE: AXP) reported Q1 EPS of $1.15, $0.03 better than the analyst estimate of $1.12 and up 7 percent from last year's $1.07. Revenue for the quarter rose 4 percent to $7.98 billion versus the consensus estimate of $8.05 billion. Click here for more on the results.
* Hedge fund giant Dan Loeb is cancelling plans to speak at the Spring conference of the Council of Institutional Investors (CII) on Thursday. Loeb, of Third Point, opted not to attend the event due to alleged positions on teacher pension funds. In a letter to CII, Loeb said, in part, "I have never taken a position against DB Plans nor has any philanthropic organization I lead."
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